Q2 26 EPS Adjusted
$-0.01
MISS 170.27%
Est. $0.00
Q2 26 Revenue
$108.5M
BEAT +13.08%
Est. $95.9M
vs S&P Since Q2 26
+18.3%
BEATING MARKET
MP +17.7% vs S&P -0.6%
Market Reaction
Did MP Beat Earnings? Q2 2026 Results
MP Materials Corp. Delivered a mixed second quarter for fiscal 2026, posting revenue of $108.49 million, a robust 89% increase year over year that cleared the $95.95 million consensus estimate by 13.08%, yet falling short on the bottom line with an a… Read more MP Materials Corp. Delivered a mixed second quarter for fiscal 2026, posting revenue of $108.49 million, a robust 89% increase year over year that cleared the $95.95 million consensus estimate by 13.08%, yet falling short on the bottom line with an adjusted diluted EPS loss of $0.01 against an expected loss of $0.00, a miss of 170.27% that snapped the company's five-quarter EPS beat streak. The story behind the revenue surge was clear: NdPr oxide and metal sales skyrocketed 277% to $94.43 million as separated product volumes reached 1,006 metric tons, reflecting the successful ramp of MP's downstream processing capabilities. Profitability, however, remained constrained by $14.43 million in start-up costs tied to initial magnet production at the Independence facility, weighing on net loss even as adjusted EBITDA swung to a positive $28.49 million from negative $12.54 million a year ago. With government backing and a new aerospace and defense offtake agreement for separated gadolinium, MP continues advancing its vertical integration strategy amid growing U.S. Demand for domestically sourced critical minerals.
Key Takeaways
- • NdPr production volume increased 41% year over year to 840 metric tons
- • NdPr sales volume increased 127% year over year to 1,006 metric tons
- • Higher NdPr oxide and metal sales and stronger market pricing drove 89% revenue increase
- • Price protection agreement income of $17.6 million contributed to Materials Segment profitability
- • Cessation of concentrate sales beginning July 2025 partially offset revenue gains
MP YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
MP Revenue by Segment
With YoY comparisons, source: SEC Filings
“MP Materials built on its strong start to the year, ramping NdPr production and sales volumes while generating solid Adjusted EBITDA. We also signed a significant long-term agreement to supply gadolinium to a new U.S. aerospace and defense customer at attractive economics, expanding both our customer base and our heavy rare earth product portfolio.”
— James Litinsky, Q2 2026 Earnings Press Release
MP Earnings Trends
MP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MP EPS Trend
Earnings per share: estimate vs actual
MP Revenue Trend
Quarterly revenue: estimate vs actual
MP Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.00 | $-0.01 | -170.27% | $108.5M | +13.08% |
| Q1 26 BEAT | $-0.04 | $0.03 | +182.19% | $90.6M | +20.13% |
| Q4 25 BEAT FY | $0.02 | $0.09 | +492.11% | $52.7M | -10.45% |
| FY Full Year | $-0.32 | $-0.24 | +26.06% | $224.4M | -2.71% |
| Q3 25 BEAT | $-0.16 | $-0.10 | +38.35% | $53.6M | +1.04% |
| Q2 25 BEAT | $-0.20 | $-0.19 | +4.52% | $57.4M | +25.79% |
| Q1 25 BEAT | $-0.13 | $-0.12 | +4.15% | $60.8M | -1.60% |